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Employees’ Provident Funds And Miscellaneous Provisions Act, 1952
Provident Fund schemes for the benefit of the employees had been introduced by some organisations. Even when there was no legislation requiring them to do so. Such schemes were, however, very few in number and they covered only limited classes/groups of employees. The enactment of the Employees’ Provident Funds And Miscellaneous Provisions Act, 1952 was to provide an institution of Provident Fund. For workers in six specified industries with provision for gradual extension of the Act to other industries/classes of establishments. Though the Act is now applicable to employees drawing pay not exceeding Rs. 6,500/- per month. The Act extends to the whole of India except Jammu and Kashmir. The basic wages, any cash concession on food value, and dearness allowance, in included in the term pay. [W]
Thus, the main aim of the Act is securing the future of the industrial workers after their retirement. Also, It began with six industries and Electrical, Iron & steel, Paper & textiles, cigarettes, mechanical or general engineering products.
The following three schemes have been framed under the Act by the Central Government:
- The Employees’ Provident Fund Schemes, 1952;
- The Employees’ Pension Scheme, 1995; and
- The Employees’ Deposit-Linked Insurance Scheme; 1976
Therefore, the three schemes mentioned above confer significant social security benefits on workers and their dependents.
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